CPI will need to regain an IG rating to issue new hybrids, but this will require two things at a minimum. Firstly, an LTV of 40% (currently 50%) will be necessary. This will
Read MoreNeither the size of the sale nor the valuation is public, but the disposal is in line with concentrating on markets where
Read MoreCPI has plans for Immofinanz and was unlikely to want to involve a potentially hostile shareholder. Petrus’ 11% stake in Immofinanz didn’t
Read MoreThe cash up to CPI for its S Immo shares will be around €100m, and the remainder is via a €500m intercompany loan. CPI had
Read MorePetrus taking an 11% stake in Immofinanz is irritating, but ultimately CPI’s 75% stake gives it control. Petrus claims the stock could be
Read MoreCPI should be pleased with the pricing of its deal to yield 6.875%; we had expected >7%. Our point from yesterday stands with debt of
Read MoreThe €600m of new debt to finance the tender offer for the 2.75% 2026 and 1.625% 2027 bonds (€1.24bn outstanding) will cost around 550bp more
Read More
Our main takeaway from the Q2 call was tidying up CPI's capital structure. CPI is selling its stake in S Immo to Immofinanz, leaving Immofinanz with
Read MoreThe 38.4% of S Immo directly held by CPI will cost around €620m. Our analysis shows a gap in Immofinanz's cash of about €325m. CPI Property may arrange finance to
Read MoreImmofinanz’s squeeze out of minorities at S Immo will cost €116m; the price proposed is €22.05 per share. Immofinanz will likely be able to fund
Read More
The H1 results contained no surprises; a modest €150m downward revaluation on €17bn of assets echoes recent sugestions from other RE companies that
Read MoreThe latest update doesn’t change anything for creditors. With €21bn in assets, a block on reducing assets beneath €535m will only have a small impact on
Read MoreThe proposed 10:1 stock split will not change anything for debt investors. The main
Read More
With the squeeze out of minorities at the S Immo level, we are not surprised that CPI and Immofinanz are looking at a possible combination of
Read More